good for the day order

Definition

A specific duration limit for validity of an order to trade on the market. It is an identifier that indicates the order is only valid during the current market session or day. The order is automatically cancelled at the close of market for the day. In 24 hourmarkets, such orders can have unintended consequences if the investor doesn't know specifically when the order will be cancelled. This is especially important when more than one time zone is involved in the transaction.